Sequester Silliness

218
Fri, Mar 1, 2013 - 10:24am

Time to discuss this "sequester" nonsense.

What a two-bit, vaudeville charade U.S. politics have become. Let me see if I've got this straight...

  1. The U.S. breaches the "debt ceiling" back in August of 2011. The dollar nosedives and Standard&Poor's downgrades the country's debt rating while gold surges to $1920.
  2. As part of the deal to extend the debt ceiling by $1,600,000,000,000, Congress punts any responsibility for cutting spending. They create an extra-constitutional "Super Committee" to do the heavy lifting and make recommendations with the caveat that, IF the Super Committee also punts, automatic spending cuts will kick in at about the time the debt ceiling is reached again. The target date was 3/1/13.
  3. Of course, in true Washington fashion, even the Super Committee can't come to an agreement and they...not surprisingly....punt.
  4. Because spending is out of control, the debt ceiling is actually reached ahead of schedule, back in January. Once again, rather than deal with it, Congress waives the debt ceiling LAW and extends it without limitations, to August.
  5. But now we have those nasty "sequester cuts" that are described in point #2 above.
  6. What to do? What to do?
  7. God forbid that the rate of growth of spending will be slowed. Good heavens we can't have that! Children and old people will die in the streets without the constant growing intervention of the Federal Leviathan.
  8. But we can't have a "deal", either, so the sequester kicks in and now the discussion is about this supposed "U.S. austerity".

Let's stop there. What a freaking joke this is! If nothing is done, all the "sequester" means is that federal spending will increase by $8T instead of $9T over the next 10 years. Brutal, huh? And because of this, gold is....falling? Seriously?? The U.S. has added another $1.6T to its national debt and the fiscal 2013 deficit is already about 20% above fiscal 2012. Entitlement spending will likely never be addressed and more credit downgrades loom and yet gold falls from $1920 to $1550? Nah. Move along. All of us tinfoil-hatters are simply crazy. Just a free and fair market reaction. That's all.

Even more silly is this notion of "austerity", the debt, the economy and QE∞.

  1. Allegedly, gold is falling because of this forced U.S. austerity.
  2. Allegedly, gold is falling because assorted Fed Goons have claimed that QE will soon end.
  3. Allegedly, gold is falling because the all-knowing and prescient speculators are flowing their funds into the short side of the trade.
  4. And this is all a crock of excrement.
  5. Please explain to me how #1 and #2 go together when there is seemingly universal agreement that a drop in U.S. government spending will force a dramatic slowdown in the already anemic growth of the U.S. economy.
  6. Slowing/stalling/non-existent economic growth will reduce tax revenues.
  7. Larger deficits require larger QE intervention to soak up bond issuance and keep rates low.
  8. Federal layoffs will increase lines at unemployment offices.
  9. The Bernank has consistently maintained that QE∞ will continue until unemployment drops below 6.5%.
  10. All the while, since 1/1/13, The Fed has simply created from whole cloth $170,000,000,000 brand new dollars. Since 1/1/13, the dollar price of gold has fallen from $1691 to $1581.
  11. The Fed will create from whole cloth a minimum of $85,000,000,000 new dollars in March.
  12. The Fed will create from whole cloth a minimum of $85,000,000,000 new dollars in April.
  13. The Fed will create from whole cloth a minimum of $85,000,000,000 new dollars in May and so on...

Now, before you say something like, "following this path, Turd, gold will be around $1400 by June 1", let me just emphatically state: No, it wont. Games are played in the short term and that will always be the case. But the Laws of Economics are just as strong and just as consequential as the Laws of Physics. Yes, it is possible to, by using tremendous amounts of energy, suspend and even break the laws of gravity. However, once that energy slows or dissipates, gravity reasserts itself. The same can be said in economics. Yes, it is possible for The Fed, their Goons and their Agents to suspend and seemingly break the Laws of Economics. However, in the end, their efforts will fail just as all previous attempts to inflate and prosper through currency devaluation have failed.

Stay the course. Add to your stack. Prepare accordingly.

TF

p.s. Late Friday, this was posted at ZH. Why worry about $85B in sequestration "cuts" when the U.S. government borrows $80B in one day? https://www.zerohedge.com/news/2013-03-01/there-goes-sequester

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  218 Comments

ivars
Mar 2, 2013 - 8:51am

Give this some time-modern monetary theory

Interesting, a video lecture with slides, 1 hour, I know its Keyenesian, limited, but it explains how exactly the fiat floating exchange rate money works in financial realm and what CB and Treasury does in such a system, plus a bit touches current account, but sees no help in that as the USA can not become net exporter anytime soon.

https://neweconomicperspectives.org/2013/03/l-randall-wrays-presentation-at-lewis-and-clark-college.html

As to how this could affect real wealth if e.g. deficit spending is implemented in high levels ( it was though during the war) is outside the lecture and perhaps theory but it sets few things straight and simple about money creation and balancing in sovereign states ( not Eurozone).

I like the simplicity. Makes one part of world operations much more clearer.

ltcolkilgore
Mar 2, 2013 - 9:16am

Thanks for the input...

Obviously the GSR will be the key to me making a decision to switch some silver to gold... I'm not done stacking by any means and I'm pretty sure I will continue with silver because I feel that it has the greatest upside potential, unless a "golden opportunity" arises that is too good to pass up... Not so sure I would bite on trading at 30:1 but anything lower would be very difficult to not embrace...

The idea of slipping a healthy portion of my stack into the bottom of my shoe or the hem of my jacket is becoming very appealing to me... Perhaps I'm starting to see "shiny" in a whole new light... Thanks again!

Turd - Thanks for this amazing forum - A shining beacon in a sea of darkness and confusion...

ClinkinKY
Mar 2, 2013 - 9:35am
ivars
Mar 2, 2013 - 9:42am

GSR yesterday moved down

GSR yesterday moved down after initial spike up-- but because gold tanked while silver stayed put. On January 4 bottom in silver the situation was the same. On Nov 5 ,both metals ended day up, silver bit more up so GSR bottomed.

So, it is not clear if this is turning point, though the spike up during Friday (and corresponding spike down in silver ) was quite typical for last 2 tops ( silver bottoms):

¤
Mar 2, 2013 - 9:58am

Saturday Morning World News

Have the Bond Vigilantes Gone Soft on Europe? - Financial Times

(DPH: They can't afford to be hard or they'll lose most of everything and start a global bond market avalanche.)

The Drone War Doctrine We Still Don't Know About - ProPublica

Japan, Come Clean on Imperialist Past - JoongAng Daily

Trouble Looms for Britain's Conservatives - Daily Telegraph

A Sensible Approach on Syria - Los Angeles Times

How Iran Went Nuclear - David Feith, Wall Street Journal


Egypt Becoming the Next Iran - Nesreen Akhtarkhavari , CS Monitor


Sanctions Put Iranian Lives at Risk - Siamak Namazi, New York Times


Who's Not Bullish on Mexico? Mexicans - Andres Oppenheimer, MH

Italy's New Mussolini - Nicholas Farrell, The Spectator


The World Is Cracking Up - Dominique Moisi, Project Syndicate


Would the U.S. Nuke North Korea? - Kang Young-jin, JoongAng Daily


The Triumph of the Pissed Off - Eric Ellis, The Global Mail


The UN's Anti-Semitic Alliance - Claudia Rosett, National Review

Stalin's Ethnic Time Bombs - Robert Coalson, Radio Free Europe

Has the Bell Begun to Toll for China? - Patrick Buchanan, Creators


It's Too Late to Stop Syria's Collapse - Emanuele Ottolenghi, Standpoint


The Arab World's Sexual Revolution - Doug Saunders, The Globe & Mail


What Cardinals Want in a New Pope - Andrea Tornielli, La Stampa


In Russia, Women Can Be Beaten with Impunity - Oleg Boldyrev, BBC

Italy and the Year of the Lowest Common Denominator - Brookings

How the CIA Globalized Torture - Open Society Institute


America in Strategic Retreat from the Mideast - INEGMA

How to Win a Cyberwar with China - Dan Blumenthal, Foreign Policy


World Will Be Worse Off Without U.S. Influence - Victor Hanson, NRO


Rodman's NoKo Trip Isn't Ping Pong Diplomacy - Jon DeHart The Diplomat


The Gulags Dennis Rodman Will Never See - Jonathan Kay, National Post

Has Obama Lost Interest in Israel? - Peter Beinart, The Daily Beast

Has the Bell Begun to Toll for China? - Patrick Buchanan, Creators

How the Sinaloa Cartel Won Mexico's Drug War - Jan-Albert Hootsen, GP


Iraq's Old Elites Fighting Old Wars - Amir Taheri, Asharq Al-Awsat

Syrian War Is Everybody's Problem - Frida Ghitis, CNN


John Kerry's Syrian Second Chance - Fouad Ajami, Defining Ideas

Is This the End of Globalization? - David Francis, Fiscal Times


Tunisia's Blessings and Arab Spring Lessons - Robert Kaplan, Stratfor

Beware Turkish Hypocrisy - Noah Beck, The Commentator

Iraq Must Not Eclipse Blair's Entire Career - Martin Kettle, The Guardian


Lessons from the British Empire - Jordan Smith, The National Interest

U.S. Aims to Salvage Reputation in Syria - Shashank Joshi, BBC News


Syria's Rebel Factions Work Against Each Other - Alan Philips, The National


Here Come China's Drones - Trefor Moss, The Diplomat


Denmark's Unnecessary Clash of Civilizations - Tassinari & Sheikh, CNN


Is Egypt Heading Toward Civil War? - Mike Giglio, The Daily Beast

The New Normal in Baghdad - Peter Harling, Le Monde Diplomatique


Kurdistan: 'The Other Iraq' Prospers - David DeVoss, Weekly Standard


Sanctions Are Blocking Medicine to Iran - Siamak Namazi, New York Times


To Nasrallah, Without Love - Lawrence Haas, The Commentator


Pistorius Case Is Not about South Africa - Jina Moore, The Atlantic

Orange
Mar 2, 2013 - 9:58am

China's Warning

Kind of reminds me of Clinton saying "that woman". After reading the article, the threat may mean they are ready with a gold backed currency, but not sure.

" We look forward to the female head of the IMF explaining how China is obviously confused and that it is not currency war when one crushes their currency to promote "economic goals."

https://www.zerohedge.com/news/2013-03-02/china-central-bank-says-it-ful...


Mar 2, 2013 - 10:05am

anecdote re British economy, and Good Morning

I took my O'levels at Parliament Hill School for Girls in 1978 (ish), having come from a very different kind of school in Canada, where, for example, it would have been more frowned upon to tell a teacher to fuck off or to set the bathrooms on fire. Out of 8 classes, only 1 and half of another (the one I was in) were going to write them - everyone else was taking their school leaving certificate. These girls were 15/16 and had no future, no ambition, no goals. It was amazing to me. They weren't even particularly worked up about it, just passively hoping to work at Tesco. At least the punks and squatters were angry about having no future, and wanted to get out and do something - much better company. I am still amazed I passed 5 exams (which gave me my Grade 12 equivalence) given that I spent most school days here:

I still find Quadrophenia a haunting album - my fried egg made me sick first thing in the morning, and my parents could have found a box of blues in my backpack.

And good morning.

Admiral Ag Bar
Mar 2, 2013 - 10:06am

GSR trade

GSR trade is the loooooong game. You have to be very patient and pre-positioned. Maybe one or two trades a year. 60/1 and 40/1 are my thresholds for scaling in each direction.

My bet was that the GSR drops to 40 before it hits 60. At least that has been my plan for almost two years.

We are getting close to 60 now. I will start trading my meager gold collection for more of that crazy silver if we hit 60.

GLTA.

¤
Mar 2, 2013 - 10:10am

Saturday Morning Market News

Easy Money Will End in Tears - Diana Furchtgott-Roth, MarketWatch


Is the Fed Being Forced to Take More Risks? - Steve Liesman, CNBC

Gentle Ben's Big Balance Sheet Blues - Peter Schiff, Euro Pacific Capital

Rethinking Money: The Rise of Private Currencies - Peter Ferrara, Forbes

What's the Story With the Economy? - Jim Tankersley, Washington Post

So, Is This What "Bottom-Up" Prosperity Looks Like? - Editorial, IBD

New Housing Boom Mantra: Don't Nickel & Dime - Carla Fried, Bloomberg

Singing the Sequester Soap Opera - Joe Scarborough, New York Times

A Manufactured Fiscal Crisis - Robert Kahn, Council on Foreign Relations


The Myth About Sequester Cuts, & Job Loss - Paul Roderick Gregory, Forbes


Warren Buffett May Be Souring on Stocks - Stephen Gandel, Fortune

Scary Charts That Worry Wall Street's Brightest Minds - Money Game


Lay Off Groupon's Canned CEO Andrew Mason - Rocco Pendola, TheStreet

Why Taxpayers Are Fleeing California and Flocking to Florida - RCM


Startup Money ... for a Piece of Your Future Paycheck - Nick Leiber, BBW

An Unsettling Secret Lurking in the Iranian Desert? - David Feith, WSJ

Is the Fed's Market Farce About to End? - Anthony Mirhaydari, MSN Money


With Stocks at Highs, How to Hedge Your Holdings - Steven Sears, Barron's


Bill Gross Warns of "Irrational Exuberance" Redux - Liz MacDonald, Fox

Is Investing In Collectibles a Recipe For Disaster? - Wall Street Journal


When Investing, Go For Country Over Company - Jerry Bowyer, Forbes


Bless David Einhorn For Taking Fight to Apple - Jonathan Weil, Bloomberg


Wall Street Bonuses Down? Don't Believe Any Of It - Cyrus Sanati, Fortune

We Can't Afford To Demonize Profits - Jeremy Warner, Daily Telegraph

Why Won't Americans Listen to Simpson & Bowles? - Joshua Green, BBW


Boozy Free Lunch For Middle Class Is Causing Pain - Jeffrey Dorfman, RCM

Obama Cries Robbery Over 2 Cents - Rep. Kevin Brady, Washington Times


Bernanke, the Hippie, Decries Austerity - Paul Krugman, New York Times

Let the Much Dreaded Sequester Begin! - Joseph Sabbagh, RealClearMarkets


For Entrepreneurs, CA's Tax Code Is a Roach Motel - Travis Brown, Forbes

Sans Creative Individuals, Cities Face Messy Future - Carl Schramm, 4%


Disaster Awaits If Gov't Departs Mortgages - David Min, Los Angeles Times

Stan Druckenmiller: A Storm Worse Than '08 Is Coming - Bloomberg


The Side Effects of QE Could Be Severe - Nouriel Roubini, Project Syndicate

Real Estate 'Bubble 2.0 on Steroids' - Diana Olick, CNBC


A Bear Scare Arrives on Wall Street - Todd Harrison, Minyanville


Five Signs This Rally Is On Hold - Joshua Brown, TheStreet.com


You've Changed: My Break-Up Letter to Apple - Jeff Reeves, InvestorPlace

The Sequester Game of Chicken - Bruce Bartlett, The Fiscal Times


Six Reasons Why the Sequester Hurts - Mohamed El-Erian, Fortune

Big US Budget Cuts: Will the Bite Match the Bark? - Fred Barbash, Reuters


Big Banks Are Still Too Big and Too Dangerous - Rex Nutting, MarketWatch

Is Geithner Really Going to Do Crisis Seminars? - Gerri Willis, Fox Business


No Honeymoon for Japan's New Central Banker - William Pesek, Bloomberg

¤
Mar 2, 2013 - 10:31am

QUADROPHENIA : (Full Movie)

Boo! A haunting revisted

Video unavailable
Wizard Adman
Mar 2, 2013 - 10:54am

@Adman

at what point do we concede we were wrong?

My personal opinion is, Never. And that opinion is based on these very simple, undisputable Facts of History

1. Gold and Silver have been Money for over 5000 years of Human History.

2. There has Never been a Purely Fiat Currency (Money Not Backed By Gold or Silver) in the History Of Mankind That Has Ever Survived.......EVER!!

Those two very basic facts of Human History, make my precious metals decisions very crystal clear.

"Life is very simple, It is people that complicate the hell out of it"

(See My Avatar Picture, Which is the Base for all decisions made in my life)

Just My Humble Opinion

W

Orange
Mar 2, 2013 - 11:33am

Captcha

Does not work. Twice I tried to log in and despite doing the math correctly and making sure my password is correct, it does not log me in. Either that or 1+0 should be 10.

¤
Mar 2, 2013 - 11:44am

Try not to get shaken out of it....

...and hold on tight to the 2nd main branch if you find yourself in doubt these days.

https://www.trustablegold.com/infographics/the-gold-tree-infographic.jpg

Ferd Torgerson Orange
Mar 2, 2013 - 11:44am

Orange

Same thing happened to me - failed three times.

Just close out of the TF site and then re-launch.

You get a new CAPTCHA question and the answer is accepted.

You must have gotten in or you couldn't have posted.

Ferd


Mar 2, 2013 - 11:47am

maybe it's binary

and 10 = 2?

Btw, loved the "female head" of the IMF quote, and his obvious understanding of the realities of the situation. Looking forward to that myself, in a sort of Ivan the Terrible kind of way.

And this quote from the link caught my eye too:

"China is fully prepared," Yi said. "In terms of both monetary policies and other mechanism arrangement, China will take into full account the quantitative easing policies implemented by central banks of foreign countries."

.

"other mechanism arrangement" sounds interesting - and you can bet your bottom fiat dollar that he isn't talking about the USD.

Orange
Mar 2, 2013 - 12:07pm

Xty

LOL

I guess Clinton should learn from the Chinese and should have said I did not have sex with that female head. Sorry for the rude joke.

I agree "other mechanism arrangement" is very interesting. It could imply a new gold backed currency. I am just not sure how that might impact their economy in the shorter term. Unless the US and western nations also back their currencies with gold, the US dollar would sink and therefore imports from China would crash.

¤
Mar 2, 2013 - 12:08pm

A little bling...

There's not enough bling on here at times when the markets flat so I'll show off some of my stack (I wish!) and my vault location etc.

Orange
Mar 2, 2013 - 12:18pm

XTY

As a Canadian that also went to school in England and did "O" and "A" levels, i guess the dry sense of humor (humour) has rubbed off on us.

¤
Mar 2, 2013 - 12:20pm

new thread idea

Real life TFMR letters

only kidding (I'm laughing pretty hard right now!)

Orange
Mar 2, 2013 - 12:20pm

market rush for the exits to cover their silver shorts

Hope is Fear Gone Bad for Paper Silver Shorts

Commodities / Gold and Silver 2013Mar 02, 2013 - 05:19 PM GMT

By: P_Radomski_CFA

The price pattern in silver and gold remains intact. It shows that each time these precious metals are pushed below a key technical moving average, new buyers come into the market.

Most are weak hands, speculators or amateur traders who have fallen in love with the idea of a futures contract, although the original longs have still refused to trade their valuable metal for intrinsically worthless paper dollars.


Furthermore, Open Interest on the Comex silver futures contract rose again on Friday, which is astounding. This demonstrates that while the professional traders switched to the short side in gold, the silver longs have not yet capitulated. They are taking the shorts head-on.

A massive short covering rally that sends the price of silver and gold rocketing higher could well be lurking just around the corner, as the professional traders cover their gold shorts and the central planners controlling the paper market rush for the exits to cover their silver shorts in a panic. The hope is that no one notices this increasing risk.

rest of the article:

https://www.marketoracle.co.uk/Article39277.html


Mar 2, 2013 - 12:28pm

no apologies needed

Nothing I wasn't thinking. It was like having the newspaper turn into a serial Penthouse Letters.* Lots of fun explaining the blue dress to my inquisitive children. No one will ever think of a protein stain the same way again. Now I need to apologize.

*edit: not that I would know anything about that.


Mar 2, 2013 - 12:41pm

Well, my essay grading is

Well, my essay grading is done for the week, it is Saturday morning, and my inner philosopher is awake.

In 2009 I took a trip west to visit my aging grandmother. While there, I spent a few days with my uncle, who happens to own a small local bank (4 branches in Utah & Colorado. I thought if anyone understood what just happed with the banking crisis, he would. As we drove up to his cabin in the mountains, I asked him about it. He said “I don’t know…that is above my level.”

In retrospect, and after a hundred ZH articles, it all seems obvious. But in 2009 I was looking for that single smoking gun. Actually there were four; 1) liar loans to people who couldn’t afford rising prices, 2) subprime rates to make said homes more affordable, but would balloon after 3 years, 3) 105-110% loan to value rates, and 4) the assumption that home values would continue to rise. When considered individually, none of those four aspects would cause the depth of crash that we had, but taken together the combination was devastating.

Congress is not intelligent enough to consider the ramifications of their varied legislation collectively. I am not sure the bankers were either, but they saw the demise coming first and insured themselves. Next the pundits warned. But congress would not admit them made a mistake and take any action.

I don’t believe congress will change.

Today, Adman, one of our colleagues, seems discouraged and asked about giving up and selling out. I read some good advice. I’d like to add two thoughts. 1) that PMs should be seen as an insurance policy. If you have enough, sit tight and invest elsewhere wisely, but hold onto a core stack. 2) that I don’t see anywhere else to invest in the markets. I argue that we should put additional resources (diversity) into other commodities—stuff that is not paper, stuff that cannot be generated electronically: Land, energy, food. Prepping is a solid solution. My firearm purchase last year has returned 200%. My food purchases have returned about 15%. My next move is into solar panels, wind generators, exercise bike generators, and batteries. I figure a 10K investment will return about $1200 per year (12%). Not bad, eh. Three of these babies pictured at right can probably run my whole house for $600 each (US company). They sell everything you need and provide engineering advice for do it yourself installation. I have no connection other than I like their products and service.

But I am steering clear of paper financial assets, except for 1% in my small trading account where I still hold out eternal hope of earning a profit.

shothat
Mar 2, 2013 - 12:52pm

Bottem Feeders and Talking up the Turd

Was in my favorite LCS yesterday to pick up some Walking Liberty Halves. I asked the proprietor if folks were mostly selling or buying. He said people have been buying like crazy all week long, about 19 buyers to one seller. He also said the drop and looming sequester has really brought out the bottom feeders. Unfortunately, he said some bottom feeders have a tendency to be rude and get belligerent if he won't meet their buy price.

Anyway, I asked if he ever heard of the TF Metals Report. He said "No", but does track the KittyCo forum. I urged him to check out TFMR, cause I learned MUCH more from Turd and the Turdites than I ever did from KittyCo. Not a slam on KittyCo contributors; it's just that many TFMR contributors, guest speakers, and the Turd of course are collectively more knowledgeable in PMs, the economy, etc. I still visit KittyCo, but spend most of my time in Turdville.

dnlward
Mar 2, 2013 - 12:53pm

Bowles Simpson

Thank you for posting that link. If anyone has NOT read the fiscal commission report from 2010. I strongly suggest doing so. If you don't want to read all 66 pages, just read the two page preamble. The whole world had better hope that this bipartisan gathering was completely wrong in 2010, because nothing has been done to stop what they saw coming.

Unless, of course, you believe that every nation can run its currency to zero value and everybody wins.

https://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/TheMomentofTruth12_1_2010.pdf

"Over the course of our deliberations, the urgency of our mission has become all the more apparent. The contagion of debt that began in Greece and continues to sweep through Europe shows us clearly that no economy will be immune. If the U.S. does not put its house in order, the reckoning will be sure and the devastation severe. "

Robespierre
Mar 2, 2013 - 1:00pm

I am betting On Santa (Jim Sinclair)

Armstrong- His computer model says we test the gap from 1532.3 to 1158.9 in GOLD. Complete shakeout of the GOLD TREE. If you want to buy do so on the bullish reversals. 1547, 1541.3, 1532.3. If they breech look out below.

Norcini- If 1525 doesn't hold we could see 1420 in GOLD. After that look out below.

Sinclair- Says on or before March 27-13 it will all be behind us. All three men are extremely knowledgeable in their field. I am going to put my money on SANTA !!! Christmas comes early this year.


Mar 2, 2013 - 1:19pm

new thread

idea, was catching.

Robespierre
Mar 2, 2013 - 1:41pm

Definition of Sequester

Extreme bullshit to the umpteenth degree.

Urban Roman
Mar 2, 2013 - 1:46pm

A bit off topic perhaps, but ...

Occupy Movement Files Lawsuit Against Every Federal Regulator of Wall Street

By Pam Martens: February 28, 2013

In several respects, Occupy Wall Street reminds me of the feminist movement. Corporate funded media has declared the women’s rights movement dead ad nauseam for four decades — and yet it thrives and reinvents itself. Similarly, corporate funded media has eulogized Occupy Wall Street from almost the moment of its nascent birth in the Fall of 2011.

If there is a common thread connecting these movements and the dire media prognostications of their demise, it is likely that when either one advances, entrenched power — and its iron grip on the wealth of a nation — loses.

Now, similar to the early court battles for women’s rights, Occupy Wall Street has tossed aside its encampments and bullhorns and donned its legal garb and pro hac vices. Occupy Wall Street’s brain trust, Occupy the SEC, just filed a Federal lawsuit that encapsulates the crony capitalist state that passes today for democracy.

The organization is suing every Federal regulator that resides in the pocket of Wall Street – which means they are suing every Federal regulator of Wall Street. And, spunky group that they are, they’re naming individuals too. Here’s the rundown: Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, Martin Gruenberg, Chairman of the FDIC, Elisse Walter, Chair of the SEC, Gary Gensler, Chair of the Commodity Futures Trading Commission, Thomas Curry, Comptroller of the Office of the Comptroller of the Currency, Mary Miller, Under Secretary for Domestic Finance at the Treasury, Neal Wolin, Acting Secretary of the Treasury.

...

shothat
Mar 2, 2013 - 1:47pm

Not that I'm Paranoid...

...but maybe I am. I've been buying PMs since 2006 and never bought online. ALWAYS-ALWAYS-ALWAYS paid currency at my LCS and LPS. I don't want any data warehouse, credit card database, or other e-record of my right to own PMs. I worked for the guberment for many years in IT Security, and know first hand that privacy and protection of personally identifiable information is an illusion at best.

Don't buy what I'm selling? Consider this. Overall, federal guberment IT systems are more secure than systems used by the banking industry. Guberment systems are required to comply with policies and standards mandated by the Federal Information Security Management Act (FISMA). https://csrc.nist.gov/groups/SMA/fisma/index.html

On the other hand, banks and financial institutions are not required to follow any federally regulated IT security standards. Many do follow the International Standardization on Security (ISO). https://www.27000.org/ However, there are no standards for compliance assurance, therefore, there's no assurance that banks adequately applied security controls.

To help substantiate my claim, a colleague who's very familiar with FISMA compliance now owns a company that performs penetration testing for banks. He told me once that if I knew how "open" some of these banks were, I'd keep my money under my mattress. As a side note, I now keep my fiat and PMs at the bottom of a lake.

So...am I paranoid or enlightened? DYODD

¤
Mar 2, 2013 - 2:15pm

Paranoid War Pigs & a Fairy Wearing Boots

blacksabbath paranoid lyrics

Black Sabbath - War Pigs with lyrics - motion type typography
Black Sabbath - Fairies wear boots(+lyrics)

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